The COVID-19 pandemic impacted the work life of many professionals and businesses across the globe. One of those was the trend of remote working which became a necessity during the lockdown. But post-pandemic the concept of work from home rose in popularity. Many professionals now choose to work remotely as it reduces the commute and the difficulties associated with it. Employers who have the well-being of employees in their minds have accepted the trend. These developments have impacted the real estate sector as there is a shift in the end-use of residential and commercial properties.

Let us look at how remote working has influenced housing trends below:

1. Home Office Space

A home office space is a dedicated space within the home that is equipped to function as an office. These areas assist professionals to be effective from home with well-lit spaces, high-speed internet, and quiet surroundings. They provide the privacy required to preserve confidential information, increase focus and productivity, and can be customized to suit every individual. As people move away from their offices and work from their homes having a home office space is sought by home-buyers.

2. Workspaces

Hybrid workspaces allow employees to work either from the office or from home or a combination of both. As businesses become more employee-friendly allowing them to choose their work style commercial and residential properties need to be built accordingly. . The demand for co-working spaces is on the rise as companies can outsource workspaces completely allowing them to focus on their core business.

The demand for large workspaces may be reduced. Workspaces should be better equipped with facilities that can improve the experience of employees working . Also, businesses may choose smaller office spaces that utilize available space efficiently.

3. Residences

In large cities where property rates are high, most residences have been functional without frills. The number of rooms and the spaces within are optimized to serve their purpose. The rooms do not have extra spaces due to price restrictions. As people choose to work remotely, they can move away from the city center where offices are located. Many choose to move out of the city into smaller cities or suburbs. The possibility of choosing larger homes with extra rooms has increased as the properties in these locations are comparatively cheaper to rent or own. Also, the extra rooms serve as dedicated workspaces.

As working professionals move away from office environments, they miss the chance of informal and friendly interactions with office colleagues and peers. This has resulted in home buyers wanting to live in gated townships with a large community. This way they can enjoy a healthy social life while being away from work. This is another reason for the rise in gated community townships in the overall real estate landscape.

4. Intelligent Homes

Working remotely requires people to be easily accessible. The exchange of information, communication, virtual meetings, monitoring productivity, and other tasks related to work are made possible by technology. Working professionals must make sure that they have the requisite infrastructure working optimally at their homes. Intelligent homes that are technologically advanced with the necessary infrastructure have become the norm. High-speed internet connection, seamless videoconferencing, voice-enabled devices, and other emerging technologies aid remote working.

5. Amenities

Most residential developers are experimenting with the amenities like never before. From providing a few leisure amenities, today, developers have refined the amenities by categorizing them into health, recreational, and social. These amenities fulfill the various needs of the urban working professional without them venturing far away from their homes. Given that they are working remotely, they do not mind moving away from the city center into the suburbs or further away as the new residences successfully fulfill the recreational and social desires of the residents.

These are some of the ways in which remote working is impacting housing trends. Most builders and developers in Bangalore are rising to the occasion by incorporating these requirements in the construction of new residential properties.

An under-construction project offers many benefits to buyers. Developers in Bangalore offer several incentives and offers to attract as many potential buyers as possible. The glitzy brochures, eye-catching ads, payment flexibility, and lower prices are some of the strategies used to sell under-construction properties. Although these seem lucrative, the home buyer should not get swayed by these freebies. Every home buyer should follow the due diligence required before finalizing the deal.

Let us look at important steps to a hassle-free process of buying an under-construction property in Bangalore:

1. Research

Bangalore is the country’s premier real estate market growing significantly. Many residential localities with many developers offer different types of properties at different price points. Doing extensive research on all the under-construction projects in Bangalore will form a basis for short-listing potential properties that meet your expectations and criteria. The projects can be shortlisted based on the location, price, configuration, and facilities provided.

2. Legal Due-Diligence

After short-listing the projects that suit your requirements the next step is to make sure the property has clear titles and all the necessary paperwork concerning land and government approvals is clear. The said and should not have any pending legal disputes or ambiguity. The builder should have the necessary permissions and certificates from the authorities that certify that the construction work can be carried out.

3. Approvals

The builder should have the project plan approval which sanctions the project layout and important details like the number of units and floors for the buildings. The builder should not deviate from the approvals and undertake illegal extra construction reducing the open spaces approved in the project.

Choose a project that is pre-approved by major banks like SBI, ICICI, HDFC etc to provide home loans. These banks carry have a robust due diligence procedure and carries out all the verifications in advance so that they can approve home loans swiftly.

4. Developer’s track record

The reputation of the builder for their previous projects becomes vital when considering an under-construction property. Since there is no basis on which one can judge the builder on the delivery of promises they make, the developer’s track record and reviews of previous projects are the only means of knowing if they are genuine. Also, this will give an idea if the project meets the deadlines that are declared and if the quality of construction and amenities will be as promised.

5. RERA details of the project.

As per the RERA Act, the project under consideration should be registered under RERA. The claims and promises like the project plans, amenities, facilities and timelines made by the developer can be cross-checked on the RERA website with the RERA number. RERA ensures that developers adhere to strict project timelines and deliver on their promises. It also ensures that the buyers have a redressal procedure in case of grievances and disputes.

6. Property Prices

The home buyer should be aware of the prices of properties in different locations in Bangalore. Depending on the locality, the property prices of the project, like the villas in Whitefield that are under construction, can be evaluated. Also, the prices of under-construction projects are usually less than ready properties. Home buyers can save significant money if they book during the under-construction stages. There is also room for negotiations at this stage of the project which can further benefit the buyers.

7. Payment Schedule

Most developers offer flexible payment options for under-construction properties. Usually, the property can be booked by depositing 10% of the quoted property value. The balance payments can be paid flexibly spread out over several years till the possession of the property. This can decrease the financial load on the home buyer. The payment schedule should be obtained and studied to avoid surprises at a later stage. Most 2, 2.5 and 3 BHK flats for sale in Bangalore offer payment schemes that are convenient for first-time home buyers.

Buying an under-construction property in Bangalore can be rewarding if approached with diligence and care. By following the steps of doing the research, making sure that the developer and the project are credible, and knowing all the information, homebuyers can successfully invest in a home that meets their aspirations.